24 hours online Payday Loan: 24/7 available

Payday loan, also referred to as fast cash advance, refers to short term loans which are in most cases acquired for emergency situations and are paid back once the borrower receives his next salary. Since they are acquired to service instant money crisis, the time duration to repay the loan is normally two weeks but you can also borrow for longer periods of up to 3 months.

Payday loans offer a better alternative for people with bad credit score, who are not legible for any bank loans. They eliminate the hustle of having to make phone calls to colleagues and family members begging them to lend you money.

Who is eligible for fast cash advance?

Payday loans available 24 hours 7 days (24/7) and are eligible to all borrowers inconsiderate of your credit score. All you need to have is an active bank account, your identification and prove that you have a steady source of income. Additionally you should not currently be in a bankruptcy situation or intending to file for a bankruptcy relief.

In case you are applying online, you should be in a position to provide a valid Taxpayer ID number or a Social security Number.

Payday advance ranges from $100 to $1000. However this amount ranges depending on your state legal maximums. Since payday loans are offered based on the lenders ability to collect rather than the ability of the borrower to pay back, a borrower should weigh his/her options well before applying for a huge amount to prevent getting into a debt trap.

How much fast cash advance costs you?

The interest rates charged on payday loans are governed and regulated by laws made by Financial Conduct Authority (FCA). These loans can attract a 400% annual interest or even more. Basically, short term payday loans have a higher APR when compared to other loans. For instance, to borrow $100 it will cost you a financial charge of $15 to $30.

Some states however cap the maximum interest cost to ensure that a borrower does not pay back more than twice the initial amount that they borrowed.

What makes Payday loans a better alternative?

Getting payday loans from a reliable money lender is beneficial considered to applying for a loan in the banking institutions. Below are some reasons why

1. Easy requirements

As discussed earlier, all you need to secure a payday loan is prove that you have a stable source of income, a back account and your identification. Bad credit history OK when it comes to payday loans.

2. They are fast.

As its name suggest, fast cash advances are granted almost instantly. The application process usually takes less time compared to traditional loan application procedures and most lenders will make sure that you receive the cash into your bank account within 24 hrs.

3. Payday loans are more convenient.

With the online application, you do not need to waste time travelling to the payday lender stores. You only need to fill out an online application form and wait for cash to be deposited into your account once you are approved. Also unlike traditional advances that were given for a specific purpose, for instance buying a home, payday loans 24 hour can be used for a range of purposes.

Payday loan refund

At time, payday loans can prove difficult to repay. This might be as a result accumulated interest rates which amount to a huge burden to the borrower to an extent that he cannot afford to pay them fully. In most case the borrower is to blame, but at certain times the money lending agencies are responsible for the situation. In case the money lender is responsible, the borrower can file a complaint to have a compensation or a refund given that he is able to prove that the company agency did not treat him/her fairly. Some of the ways you can acquire for a refund includes: -

1. Higher interest rates.

On average, a borrower is subjected to a cost cap of around 0.8% of the initial amount borrowed. This is inclusive of the interest rate and any other applicable fee. However some institutions may violate this law and charge their clients more. In case of such situation and you are able to prove it then you may benefit for a refund.

2. Recurring payments.

Some lenders will require you to set up a recurrent payment before they qualify you for a payday loan. This allows them to take cash directly from your bank account as a repayment for your loan. Some lenders however constantly access your funds which consequently amount to huge bank charges for bank account. Under this circumstance you can file for a complaint so that the lender can offset some of the charges.

3. Fraudulent loans.

At times it is possible to find out that a payday loan was fraudulently given out under your name. Since it is the role of the money lending agency to verify the identity of the clients, you have every right to file a complaint. This can be through the financial ombudsman service or you can directly negotiate with the agency so as to come up with an amicable solution.

How safe are payday loans?

Applying for a payday loan during financial crisis could be an ideal approach but if a borrower is not careful it could turn into an expensive nightmare.

Although physical money-lender stores are to some extent safe, applying online for a 24 hours payday loan may be risky. This is because with online sites, it’s hard to prove their legitimacy as some are just scum lenders who are out to exploit clients.

It is important therefore to ensure that the payday lender website is legit by guaranteeing that their privacy policy is clearly and well detailed and also that the online agency has no customer complaints against them forwarded to the Better Business Bureau.

Another drawback of payday loans is that it can trap you in an un-ending debt cycle. The more you rollover or take a new loan so as to settle the old loans the more debt you place on yourself. This will attract more interest and additional fees that will cost you more. Again debt traps will lower your overall credit score thus disqualifying you from borrowing loans from other money lending institution.

It is therefore advised to weigh your options well and ensure that you only borrow the amount that you are capable of paying back. Also observe the payback time to avoid being caught off guard.

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